Hello User
Sign in
Hello
Sign Out
Subscribe
Next Story
Business News/ Companies / News/  Adani Power emerges as successful bidder for Essar Power's 1,200 MW Mahan project

Adani Power emerges as successful bidder for Essar Power's 1,200 MW Mahan project

  • The Adani Power bid for the project has been approved by a committee of creditors. Now, it will have to seek the NCLT approval to acquire the project, which is undergoing insolvency proceedings.

The Adani Power bid for the project has been approved by a committee of creditors

Adani Power has emerged as the successful bidder for Essar Power's 1,200 MW thermal power project in Mahan, Madhya Pradesh.

The Adani Power bid for the project has been approved by a committee of creditors. Now, it will have to seek the NCLT approval to acquire the project, which is undergoing insolvency proceedings.

"This is to inform that the Committee of Creditors of Essar Power M P Ltd (EPMPL), a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code, has approved the Resolution Plan submitted by Adani Power Ltd," a BSE filing by Adani Power said on Friday.

EPMPL owns a 1,200 MW power plant in Singrauli district, Madhya Pradesh, it added.

Pursuant to this approval, the Resolution Professional appointed by the National Company Law Tribunal, Delhi has issued a letter of intent dated June 17, 2021, to the company, it stated.

According to industry sources, the deal size of the project is estimated at around 2,800- 3,000 crore.

The closure of the transaction will be subject to obtaining necessary approval from the NCL T and satisfaction of conditions precedent under the resolution plan.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.